US gold rises

01 Dec, 2010

US gold futures ended higher on Monday after falling in the last two sessions, as worries about a worsening European sovereign debt crisis and a sharp decline in the euro prompted safe-haven buying. COMEX December gold futures settled up $3.6 at $1,366 an ounce on the COMEX division of the NYMEX. Ranged between $1,352.60 and $1,368.20.
Bullion climbed as the euro slumped broadly, falling to two-month lows against the dollar and Swiss franc as a rescue package for Ireland failed to soothe worries other debt-stricken eurozone members may also seek bailouts.
Gold futures volume was about 280,000 lots, about 15 percent above their 30-day average, as futures investors rolled over to February contracts from December futures ahead of December's first-notice day on Tuesday. Spot gold climbed 0.4 percent to $1,367.50 an ounce at 2:49 pm EST (1949 GMT), poised to snap a two-day losing streak. COMEX December silver ends up 44.90 cents or 1.7 percent at $27.148 an ounce, helped by strong retail demand. Ranged from $26.450 to $27.265 an ounce. COMEX silver futures volume was near 130,000 lots, one of the most-active days on record, as investors rolled over to March from December contracts ahead of first-notice day on Tuesday.
Spot silver gained 2.1 percent to $27.21 an ounce. NYMEX January platinum finished down 60 cents at $1,644.60 as investors stayed on the sidelines as economic sentiment dipped due to eurozone sovereign debt worries. Spot platinum eased less than 0.1 percent at $1,644.49 an ounce. NYMEX December palladium closed up $16.50 or 2.4 percent at $693 an ounce on worries about supply from Russia and strong investment demand. Spot palladium rose 2.4 percent to $689.97 an ounce.

Read Comments